Billionaire businessman, Tony Elumelu, stands out among Nigerian industrialists by his unique way of carrying out business and expanding his empire. He is further set apart from other African billionaires by his decision to fund 1,000 budding African entrepreneurs as part of a $100m (£67m) initiative to boost the continent’s private sector.

To Elumelu, the young entrepreneurs are Africa’s hope for the future. The 1,000 come from 52 African states and territories and were chosen from some 20,000 applicants.
Last year, Forbes magazine listed Elumelu as the 28th richest African with an estimated net worth of $1 billion. According to BBC’s Lerato Mbele, Elumelu’s donation is the largest by any businessman towards the development of small businesses in Africa.

In a statement issued by the philanthropist billionaire, he said the selection of the 1,000 entrepreneurs had brought him closer to his ultimate goal of driving Africa’s economic and social transformation from within and radically create jobs on the continent.

He plans to spend $100m to support 10,000 entrepreneurs over the next decade and create one million jobs through the initiative.